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Chinese artificial intelligence powerhouse DeepSeek is preparing to raise at least 80 billion yuan ($12 billion) in a major funding round backed by Tencent and battery giant CATL, Bloomberg reported on Tuesday.
DeepSeek initially targeted about 50 billion yuan in fresh capital, but strong investor interest pushed the expected size of the financing significantly higher, according to people familiar with the matter cited by Bloomberg. The final fundraising total could reach as much as 100 billion yuan, highlighting growing demand for exposure to one of China’s leading AI startups.
The financing would provide DeepSeek with substantial resources as competition intensifies across the global artificial intelligence industry. Chinese technology companies are investing heavily in advanced AI models and computing infrastructure as they seek to challenge leading U.S. developers.
DeepSeek rose to international prominence in early 2025 following the release of its R1 open-source AI model. The launch established the company as one of China’s most advanced artificial intelligence laboratories and drew attention to its ability to develop powerful models at relatively low costs.
The company strengthened its position with its flagship V4 models, released earlier this year. The models received widespread attention for delivering performance viewed as comparable to sophisticated AI systems developed by OpenAI and Anthropic while reportedly requiring significantly lower operating costs.
DeepSeek’s rapid progress has made its valuation another key focus for investors. Previous reports valued the Chinese AI company at roughly $74 billion, although those estimates emerged before details of the latest fundraising round were reported.
Attention is also turning to DeepSeek’s potential plans for an initial public offering. A future DeepSeek IPO could become one of the most closely watched technology listings as investors seek opportunities tied to China’s expanding artificial intelligence sector.
With Tencent and CATL reportedly supporting the latest financing, DeepSeek could secure one of the largest private AI funding rounds in China, giving the company additional financial firepower to expand its technology and compete in the rapidly evolving global AI market.
